In-migration of retirees is a significant driver of economic growth
As shared by the Atlanta Journal Constitution, a tax break on pensions and other retirement income for Georgia seniors will cost the state — and save retirees — about $1.37 billion this year, according to a new state audit report.
The audit report by Robert Buschman of Georgia State University’s Fiscal Research Center — which provides the state with financial assessments of proposed tax breaks — is part of a series of reviews requested by the Senate Finance Committee and House Ways and Means Committee.
The report found little support for the notion that the retirement income exclusion played a significant role in persuading wealthy retirees to move to the state — one of its stated objectives,” shared Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®.
Are you ready to file your taxes?
When you do, we encourage you to have at hand the following items:
- Current ID
- Social Security
- Employment Authorization (if applicable)
- Proof of Income (Form W2, Form 1099, Bank Statements)
- Form 1095A Health Insurance
- Virtual currency transaction reports
- Dependents (ID, birth certificate, school or medical report)
- *Actual address (Bill)
- Bank Information (Route and account number), it is necessary if you receive a refund or if you want to pay an outstanding amount
- If you have a registered company, remember to have an Income and Expense report ready, also if you are an independent worker. (Please refer to Home Budget Calculator for your references, to calculate relation of income and expenses)
- Property rental income
It is very important to take a moment to remember your own history during the year, in this way we reduce the risk of forgetting anything that needs to be reported on your tax return.
Remember that every person and every tax return is different, this is just a guide, please find the closest DATS location near you and do not hesitate to contact us. Daniel Ahart Tax Service will be open and ready to answer the phone or in person to clarify any doubts and to be able to guide you in the process,” explains Daniel Ahart, chief tax officer at the tax preparation company Daniel Ahart Tax Service®
Taking Care of your Crypto Taxes
Also, remember that if you have any crypto tax obligations for the 2022 tax year, you need to report it. Join the thousands of individuals in the State of Georgia that trust their taxes to Daniel Ahart each year!
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